Robinhood Markets, Inc. has started a new partnership with Howard University, aimed at addressing the financial challenges that student-athletes often face.

This marks Robinhood’s first partnership with a Historically Black College or University (HBCU), as it brings its signature “Money Drills” program to Howard, the ninth NCAA Division I university to participate. Money Drills is designed to expand access to comprehensive financial education for student-athletes.

Through this collaboration, participants will gain the tools and knowledge needed to secure a stable financial future, both during and after their athletic careers.

The Robinhood Money Drills program is designed to help rewrite the narrative by giving student-athletes the tools they need to avoid financial pitfalls. The program helps scale University resources to cover essential financial topics such as budgeting, saving, investing, and understanding credit, empowering athletes to manage their income and plans for their future.

“As a student-athlete, I’ve come to realize that my name, image, and likeness are powerful assets that extend far beyond the field. I embrace the opportunities that come with them because they allow me to share my unique story, build my personal brand, and create a future that aligns with my passions,” said Kaiya Creek, a member of Howard University’s women’s basketball team who is seeking a Master of Finance degree. “The opportunity that I have with the partnership between Howard and Robinhood provides me the chance to showcase what I have learned from Money Drills and the classroom and connect with my community to inspire others about the importance of financial literacy.”

The partnership was formally kicked off this semester with a special event featuring Howard Athletics Director Kery Davis, Howard University School of Business Dean Anthony Wilbon, former NFL player and Athletes.org CEO Brandon Copeland, and former Washington Wizards center Etan Thomas. The special event included two financial education workshops for student athletes led by Planned To a T that included a guest lecture from Copeland.

“Technology serves as a powerful democratizing force in the financial system – we’ve utilized it to usher in a new generation of investors and equip them with educational tools that welcome them into financial markets,” said Mary Elizabeth Taylor, vice president of Global Government and External Affairs at Robinhood Markets, Inc. “Money Drills is yet another way Robinhood is driving financial education in innovative ways, and we are thrilled to collaborate with our first HBCU, Howard University, in this exciting partnership.”

This initiative is not only about financial education; it’s also about empowering the next generation to break cycles of financial inequity and build sustainable futures. With recent NCAA rules changes allowing college athletes to profit from their name, image, and likeness (NIL), it’s important to equip athletes with financial literacy tools early in their careers. Despite earning millions during their careers, many professional athletes face severe financial difficulties after retirement. According to a 2023 Yahoo! Finance report, nearly 4 out of 5 NFL players either go bankrupt or suffer severe financial distress within two years of their retirement. An EssentiallySports article from 2022 reports that approximately 65% of NBA players experience financial challenges within the first five years of retirement, even as the average NBA player earned approximately $8 million during the 2021-2022 season.

Since the program launched over two years ago, 95% of participating students have reported that their ability to manage personal finances has improved thanks to the financial education provided through the course, which Robinhood proudly sponsors.

“We are grateful to Robinhood for bringing Money Drills to Howard University and that we are the first HBCU to partner on this initiative,” said Mariko Carson, Ed.D., director of Howard University’s Office of Graduate Affairs. “This is long overdue as many students lack adequate education on financial and contract management which is critical for preparing them for life during and after their academic careers. By equipping our students with the necessary knowledge and resources to effectively manage their finances, the Money Drills collaboration empowers us to jointly promote an inclusive and sustainable approach to economic growth in our respective communities and beyond.”

This initiative adds Howard University to the growing list of institutions already participating in the Robinhood Money Drills program, including Florida State University, Coastal Carolina University, University of California, Berkeley, Texas Christian University, University of Memphis, Kansas State University, West Virginia University, and Duke University.